Emaar Properties, Dubai’s leading developer, has just announced strong half-year performances and milestones for the first half of 2024, driven by outstanding growth across various businesses. The company’s diverse portfolio, spanning real estate development, retail, entertainment, and hospitality, has shown impressive results, cementing Emaar’s position as a global leader in creating extraordinary experiences and thriving communities.
Real Estate Development Achievements
Emaar Development, the group’s real estate arm, has demonstrated exceptional performance in the first half of 2024. The company launched an impressive 30 projects, resulting in the sale of approximately 8,400 residential units. This represents a remarkable 56 percent growth in net sales compared to the same period last year.
Among the standout projects were Address Residences Zabeel and Palace Residences Dubai Hills Estate. These developments showcased Emaar’s ability to create desirable properties that resonate with buyers, as evidenced by the sale of over 2,500 units within just one week of launch. This rapid absorption of inventory underscores the strong demand for Emaar’s high-quality residential offerings and the company’s keen understanding of market preferences.
Strategic Partnerships and Training Initiatives
Emaar’s success in the competitive Dubai real estate market can be attributed not only to its exceptional projects but also to its strategic approach to partnerships and agent training. The company registered 995 agencies during the first half of 2024, expanding its network of sales channels and market reach.
Furthermore, Emaar demonstrated its commitment to professional development by training 5,945 agents through the Emaar Academy. This investment in education and skill enhancement has equipped these agents with in-depth knowledge of Emaar’s projects and values, enabling them to better serve potential buyers and drive sales performance.
Infrastructure and Construction Contracts
In line with its commitment to infrastructure development and portfolio diversification, Emaar awarded 50 construction contracts worth AED 8.7 billion ($2.36 billion) during H1 2024. These contracts span various sectors and projects, reinforcing Emaar’s role in shaping the urban landscape of Dubai and beyond.
Sustainability Initiatives
Emaar continues to prioritize sustainability in its developments, as evidenced by the LEED Platinum certification awarded to Burj Khalifa for sustainable construction. This prestigious recognition sets a new benchmark in green building standards and highlights Emaar’s dedication to environmentally responsible development practices.
Retail and Entertainment Success
Emaar Malls, anchored by the iconic Dubai Mall, maintained its status as a global retail and entertainment destination. Footfall across Emaar’s malls increased by 8% during H1 2024, affirming their popularity among both residents and tourists. The company’s focus on enhancing visitor experiences through improvements such as revamped parking facilities and world-class restroom designs has contributed to this continued success.
Entertainment and Cultural Milestones
Emaar Entertainment and Dubai Opera achieved significant milestones in the first half of 2024. Dubai Opera welcomed 250,000 visitors for various performances, showcasing its position as a premier cultural venue in the region. The company also expanded its entertainment offerings internationally, with the opening of the Marassi Aquarium & Underwater Zoo in Bahrain and the first IMAX with Laser at Reel Cinemas, also in Bahrain. These developments underscore Emaar’s commitment to providing diverse and high-quality entertainment experiences across its markets.
Operational Excellence & Community Initiatives
Emaar maintained its focus on operational excellence throughout H1 2024, conducting extensive fire safety and emergency preparedness training sessions. The company’s proactive approach to community management was evident in its response to adverse weather conditions in April. Emaar Community Management provided timely support and recovery efforts, including free repairs for more than 4,500 homes affected by the inclement weather. This swift and comprehensive response demonstrates Emaar’s commitment to the well-being of its residents and communities.
International Expansion and Hospitality Accolades
Emaar’s international expansion efforts gained momentum in H1 2024, with significant achievements in key markets. In India, the Urban Oasis project in Gurgaon was fully sold out, reflecting strong demand for Emaar’s residential offerings in the country. In Pakistan, the company made progress on major projects including Panorama and The Views in Karachi, further establishing its presence in the South Asian market.
Emaar Hospitality Group continued to garner international recognition for its exceptional service and luxurious properties. The group received Forbes Travel Guide 5-Star Ratings for Address Istanbul, Address Beach Resort, and the Armani Hotel Dubai. These accolades serve as a testament to Emaar’s commitment to delivering world-class hospitality experiences across its portfolio.
Future Outlook and Commitment
As Emaar looks to the future, the company remains focused on its core values of innovation, quality, and customer satisfaction. Founder Mohamed Alabbar reaffirmed the group’s vision to create an enduring legacy of excellence in each community it serves. This commitment extends across Emaar’s diversified portfolio, ensuring continued success and growth in all areas of operation.
The company’s strong performance in H1 2024 positions it well for continued expansion and success in the coming years. Emaar’s ability to adapt to changing market conditions while maintaining its focus on quality and innovation has been key to its sustained growth.
Conclusion
Emaar Properties’ outstanding performance in H1 2024 demonstrates its position as a leader in real estate development, retail, entertainment, and hospitality. The company’s success is driven by a commitment to innovation, sustainability, and the creation of extraordinary experiences for its customers and residents.
As Emaar continues its path of domestic and international expansion, it remains dedicated to building thriving communities and setting new standards in the global real estate arena. With a strong foundation of success in the first half of 2024, Emaar is well-positioned to capitalize on emerging opportunities and maintain its trajectory of growth and excellence in the years to come.
The company’s holistic approach to development, encompassing not just physical structures but also community well-being, sustainability, and cultural enrichment, sets it apart in the competitive global real estate market. As Emaar moves forward, it will undoubtedly continue to shape the urban landscapes of Dubai and beyond, creating lasting value for its stakeholders and contributing to the economic and social development of the regions in which it operates.